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European shares hit fresh peaks on earnings boost -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : A graph showing the German share price index DAX can be seen at Frankfurt’s stock exchange on November 2, 2021. REUTERS/Staff

(Reuters) – European shares reached record heights Wednesday due to a run of positive corporate earnings and increased metal prices. This helped reduce losses caused by a fall in oil stocks.

Pan-European shares were up 0.2% as of 0824 GMT. They are currently at records peaks, ahead of a expected tapering by the U.S. Federal Reserve of pandemic-era stimulation. [GLOB/MKTS]

BMW gained 0.7% following the German automaker’s higher quarterly profits, but it reiterated its concerns about the global chip shortage.

Lufthansa’s shares rose by 5.2%, after it posted its first profit since the coronavirus crises. The airline was helped by the relaxation of travel restrictions.

The STOXX 600 saw oil stocks suffer losses of 1.8% after crude prices fell following industry data that pointed to a large build up and distillate stock in the United States. This was as OPEC faced increasing pressure to raise supply. [O/R]

Vestas (the world’s biggest maker of wind turbines) slumped 10.2% following a third quarter operating loss that was lower than expected and trimming its full year profit forecast.

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